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Five million euro boost for small business

Date: 11.11.2008

The European Bank for Reconstruction and Development (EBRD) and Societe Generale Express Bank will continue to support small and medium size business enterprises in Bulgaria. They are among the leading banking establishments in the country when it comes to financing emerging business entrepreneurs. Now they have offered them a new credit line in the range of five million euro with the aim of financing small and medium scale businesses.

The aforementioned financing is part of the common programme implemented from the European Union and the EBRD, which is further augmented by subsidies from each European Union member state. This also includes technical and know-how assistance. Societe Generale Express Bank will use resources to release credits of up to 30,000 euros for small scale businesses and up to 125,000 euros for medium sized enterprises.

The financing undertaken from the EBRD is based on the successful application of the first credit line worth 10 million euro signed between them and Societe Generale Express Bank in 2006 which allowed Societe Generale to release resources financing more than 450 credits for small businesses.

James Hislopp, director of EBRD in Bulgaria, announced that the resources from this credit will be used exclusively for small business which, until recently, had difficulty accessing funds and financial injections from Europe. And for those small business enterprises to flourish, stable economic conditions are required; they need long term support and financing from EBRD and Societe Generale.

Stefan Tuat, director of the Small and Medium Business department in the Societe Generale Express Bank, has said “the bank successfully develops its long term strategy to become a sound and reliable partner, on which the small business sector and small enterprises can depend and rely on,” as quoted by Stroitelstvo weekly.

The programme application for sponsoring and propping up small businesses is a joint venture between the European Commission and the EBRD which supports the development of entrepreneurs by easing their access to funds from Europe. The aforementioned programme comprises an international scheme of 11 countries and the EBRD has allocated 1.35 billion euro of which 1.2 billion have been already released. The European Union has assured and provided 180 million euro guaranteed financing and technical know-how from the commencement of the project back in 1999.

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